HomeMy WebLinkAbout2963 Lender's written agreement or applicable law. Borrower :hall pay the amount of alt mortgage insurance premium: rn the
manner provided under paragraph 2 heroof.
Any amounts disbursed by Lender pursuant to this paragraph~7r ~j hest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Bornower.atrd Ledde~agroe to other terms of payment. such
amounts shalt be payabk upon notice from Ixnder to Borrower requesting payment thereof, and shall bear interest from the
date of disbursement at the rate payabk from time to time on attstanding principal under the Note unless paymatt of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest me
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or take
any action hereunder,
s. laspcctiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided ~
that Lender shall give Borrower notice prior to any such- inspection specifying reasonable cause therefor related to I.atder's
interest in the Property,
9. Coadewrratiow. The proceeds of any award or claim for damages. direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage,
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and bender
otherwise agree in writing, there shall bt applied to the sums secured by this Mortgage such proportion of the proceed:
as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to flee date of
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the prneoeds
paid to Borrower.
if the Property is ahancMned by Bor:owes. or if. after notice by lender to Borrower that the condemnor often to make
an award or xttk a claim for damages. Borrower fails to respond to lender within 30 days after the date such notice is
mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Eorrower Nof Released. Extension of the time for payment or modification of amortization of the sums sexured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in sny manner.
the liability of the original Borrower and Borrowers successors in interest. Lender shall -not be required to commence
proceedings against such successor or refuse to estend time for payment or otherwise modify amortiution of tht sums
secured by this Mortgage by reason of any demand made by the ori¢inal Borrower and Borrower's successors in interest.
11, tForbearaace by Lender NM a Waiver. Any fort+earance by lender in exercising any right or remedy hereunder, or
otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or n~Y.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shag not be a waiver of Lender's
right to accelerate the maturity of the indehtedrtess secured by-this Mortgage.
12. Rewredies Camuh>ttie. All remedies provided in this Mortgage are distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Swceeaors swd A~ws t3oawd; Joiwt and Sereral t.iabilitr; Capfbas, The covenants and agreements herein
contained shall bind, and the rights hereunder shall inurg to. the respective successors and assigns of Lender acrd Borrower.
subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several.
The captions-and headings of the paragraphs of this Mortgage are for convenience only and are not to tie used to
interpret or define the provisions herrnf.
14. Notice. Except for any ,notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at
the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall be given by certified mail. return receipt requested. to i.ender's address stated herein or to
such other address as Lender may designate by ne?tice to Borrower as provided herein. Any notice provided for in this
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
IS. Uwiforwt Mortgage: Goverwiwg Law; Sererabititr. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering
real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect
other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this
end the provisions of the Mortgage and the Note are declared to be severable. -
lf. t><orrvwer's Co'y. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time
of execution or after recordation hereof.
17..Traasfer of ere Pr~opertr; Assamptiar. if all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender s prior wittier consent. excluding (a) the creation of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender's option, declare all the sums stxured by this Mortgage to be
immediately due and payable. Lender shall have wrived such option to accelerate if. prior to the sale or transfer, Lender
and the person to whom the Properly is to be co1J or transferred reach agreement in writing that the credit of such person
is satisfactory to [.ender and that the intercwt payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. If Linder has waivod the option to accelerate provided in this paragraph 17, and if Borrower's successor in
interest hss executed a written assumption agreesrreat accepted in writing by Lender, Lender shall release Borrower from all
obligations under this Mortgage and the Note.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. Tf Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 herrnt.
- NoH-L1NlEORM CovFNetr'rs. Borrower and lender further covenant and agree as follows:
li. Aceekratio~ Remedies. Esceft as'rovWed le paragnpr 17 Irertot. tt*ow fiorrawa's 6tKael of gay carernat K
agreement of tioerower f• ilia Mortgage. bxltr~wg ere corewaMs to par wlrcw tae awr tauraa stewred by irk MalRage. Lewder
priott to aeceierafiow waM rwail wotlce to oorrower as rrorided Iw prrtgn'r /4 rereot areeltyag: t1) tle tareacr: (2) tic setiow
regwked b cwt+e nwe! ireacl; (3) • dater. woe ks flaw 30 days teaw ere date ere wotkt to wnttkd to )teerawer. br wltk! swel
breael aaaR re etued; awl (4) fiat itiirrre to ewre srrcl sieges ow or setae ere date geciitd i• fie wotkt rwsy result iw
wec~ekrMion o[ t!e ta~a accessed br tW Matgage. taecloswre b!' ~w proeetdMtg awl sale o1 ere Property. Tire works
alai twrfier iwtorw •orrower of tle riRM to rehatate after sceekratbw awd t!e trfglt to asacrt b .tle torecloawre Moeee~
flee wartsYltwce et a dttawk or arq filer deterae of Borrower to accekrafbw awd toreclosare. N fire mac! b woe etued a
or before ere dale specified i• tle awlke. Lewder at I.ewder's option tway declare ai o/ tle war atetaed br ilY Mort~t b bt
4wwediatelr dwe awd'wrabk witloail tastier demand awd gar taecloat trig Mortgage !7' jwdicW paesedtwtt. Lender shall
be swWied la eoitet b stae!'r+ncetdi+rg aw expenses nt forsclosrrre. iwclwdirrg, bN woe Bwdled M. rtaaowaMe stt.,rweY'a tees.
gad casts d iot~:rwewtarf trideaee. abdrwcls awd talk sepsis.
19. lsoraowes's ~t to Reiwatste. Notwithstanding Lenders acceleration of the sums secured by this Mortgage,
Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time
BGOKe~.'I~.J PAGE~J~